Portland, OR, Nov. 12, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global Self-Monitoring Blood Glucose Devices Market was pegged at $8.49 billion in 2019, and is projected to reach $11.99 billion by 2027, witnessing a CAGR of 4.2% from 2020 to 2027.
Rise in the prevalence of diabetes, surge in geriatric population, and increase in risk factors that lead to diabetes drive the growth of the global self-monitoring blood glucose devices market. In addition, technological advancements in diabetes monitoring devices supplement the market growth. However, inaccurate results offered by such devices hamper the market growth. On the contrary, surge in awareness of diabetes monitoring devices and untapped market potential in developing countries are expected to create lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- Diabetic patients are more vulnerable to become severely ill with Covid-19 infection. Thus, the demand for self-monitoring blood glucose devices increased during the pandemic.
- Moreover, people opt for self-monitoring medical devices to reduce hospitals and clinic visits and avoid direct contact with others.
- However, the prolonged lockdown across several countries has severely affected the distribution of self-monitoring blood glucose devices and the supply chain is disrupted due to the ban on international trade.
The global self-monitoring blood glucose devices market is segmented on the basis of product, application, end user, and geography. Based on product, the market is divided into test strips, lancets, and blood glucose meters. The test strips segment dominated the market in 2019, accounting for around four-fifths of the market. However, the lancets segment is expected to manifest the highest CAGR of 6.2% during the forecast period.
On the basis of application, the market is classified into type 1 diabetes, type 2 diabetes, and gestational diabetes. The type 2 diabetes segment held the largest share in 2019, contributing to nearly three-fourths of the total revenue. Moreover, the segment is expected to register the highest CAGR of 4.5% during the forecast period.
Based on end user, the market is classified into hospitals, home settings, and diagnostic centers. The hospitals segment held the largest share in 2019, accounting for more than two-fifths of the market. However, the home setting segment is expected to portray the highest CAGR of 5.0% during the forecast period.
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The global self-monitoring blood glucose devices market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2019, accounting for around two-fifths of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 5.5% during the forecast period.
The global self-monitoring blood glucose devices market report includes an in-depth analysis of the major market players such as Bionime Corporation, Abbott Laboratories, F. Hoffmann-La Roche Ltd., B. Braun Melsungen AG, PHC Holdings Corporation, LifeScan IP Holdings, LLC, Trividia Health, Inc. (Sinocare Inc.), Terumo Corporation, ARKRAY, Inc., and Ypsomed Holding AG.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering impact of Covid-19 over this market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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